European Union Budget Battles Explained

11/22/2012 6:05AM

European Union leaders are headed to Brussels for a big showdown over the bloc's spending budget. Dow Jones's Vanessa Mock explains what they are arguing over and the many flashpoints in the negotiating process. Photo: EPA

This transcript has been automatically generated and may not be 100% accurate.

I the the ... EU leaders are heading into a meeting to cite the pool snack spending budgets ... and they seem at this point most ... of the UCL ... this can be she should that not shown Vanessa mall joins me now from Brussels to discuss ... the best there was the EU Commission proposing ... in terms of the next spending ... globally talking about here is the ... seven year budget then had to use the moves and I will frame financial framework for all twenty seven ... in twenty eight because of grace that ... EU countries not to think this ... sounds thundering I'm going to give them to use ... to the European Commission was ... at the pacing mom described in the politics that I'm that that would now bring it up to ... adjust to the wall and Tribune your age ... seventy is divided by claims he hates everybody told that it's pretty much ... from them next ... hey it comes to that think the key for the old man the state's ... country flight can from ... Gemini off the effort to keep the pretense ... that and then you have a lot of the country's new member states and race to the South but said Nintendo we need this and thinking call all of you have well if that's ... the extent that measures to try new things ... great ... I'm jokes then the European Council ... president who is here in this building YM Allen is looking to meet the hem of when will employ ... I have put forward a compromise but that said I think the of the old will cause much more knowing ... that with the bemoans the old the next ten countries ... when the results as one EU official said yesterday that now ... could you not ... everyone is on happy with what is on the payroll checks and that something that people are getting in the price I read some weather moldy tasting threaten the top countries in these somewhat so so tell us how the so the country's stacked up against each other because ... under the UK to take alcohol by opposition ... Yemeni the UK has held this week if it can be wheeled out well and if I that might potentially be ... something that that the spiraled into something much much bigger for the British Prime Minister David Cameron that than most ... of you lacks the will of him right now I think across the Gulf in European countries because even though people have sympathy ... for the fact that yes at the time of the standard CVT you aunties ... and things to keep the light sensitive symbolic things like how much ... I've spent on the onthe Eurocrats underneath all that should be ... shown by ... the people really feel that he's coming here in Milton the spirit of compromise ... and waving and eat it that will basically to P Diddy and claiming the ACH and not ... having said all that that ... I diplomats have signaled from breaking them that they already put some kind of the deal ... at this summit and in private the real problem might be ... with other next to the extensive evidence MITI all skit that traditionally likely people think it to be based ... handbasket in bed next contributions with the EU Rawlings ... able to go through the program settings if you compare that to Taipei ... and then you could ever come into the ... hood and ... Hungarians who is seen ... most of the contributions ... of Clinton's two affiliates and waving Rethink leafy areas like common either cordial points and falling subsidies that down ... that's going to make that governments I end up in debt ... that they think the fault lines are pretty much crisscrossing of Coke and call and confident that this thing yeah right I mean you played out that somebody at ... some of the place in the money spend writes including ... on new headquarters full ... of the European president right ... well that mean that this is the things that ... you know the people of defeating Euroskeptic at the back benches in London and and elsewhere in Europe and looking at some of what they see a funny t projects in the EU ... and the saying this is exactly the culling of funding that we want to put the felt she ... had to put the gift that on that this report is being built right now for the EU presidents at the European Parliament has had an awful ... amount of building went down to it said it would cost of everyday knowledge ... that he used for and said this effectively than six billion prices are being created and some funding that when we have seen this money to keep it ticking ... unit contains ... ahead of Wednesday's that's a sea of bad omens ... are making God came Monday when the abortion but they didn't have put down but they didn't even have ... I'm ... still in the sink clean take this this will probably get on screen for the key is very important that the numbers we need ... to compare it to be ... of great ... national index with national incumbents one percent of what the human face of ... spending ... the